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Canada Life Canadian Core Plus Fixed Income Fund

May 31, 2025

The Fund seeks to provide a steady flow of income by investing primarily in Canadian government and corporate fixed-income instruments and asset-backed securities with maturities of more than one year.

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Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details

Top holdings %
Total allocation in top holdings -
Portfolio characteristics
Standard deviation -
Yield to maturity -
Duration (years) -
Coupon -
Average credit rating Not rated

Understanding returns

Annual compound returns (%)

1 MO 3 MO YTD 1 YR
Data not available based on date of inception
3 YR 5 YR 10 YR INCEPTION
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Calendar year returns (%)

2024 2023 2022 2021
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2020 2019 2018 2017
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Range of returns over five years

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Average return % of periods with positive returns Number of positive periods Number of negative periods
Data not available based on date of inception

Q1 2025 Fund Commentary

Market commentary

The Canadian economy faced significant challenges during the first quarter, driven by trade disruptions and tariff uncertainty. While the U.S. postponed its broad-based tariffs multiple times, trade issues loomed large for investors and markets.

Despite these challenges, the Canadian economy was resilient. Canada’s gross domestic product growth was 1.5% last year and was expected to be 1.4% for 2025, according to the International Monetary Fund. However, productivity growth lagged, highlighting ongoing challenges to business investment in the current environment.

The Canadian fixed income market posted a gain. The yield on 10-year Canadian government bonds fell from 3.22% to 2.97%, leading to higher bond prices, particularly for longer-term government bonds. Investment-grade and high-yield corporate bonds gained, benefiting from the overall decline in yields and a stable credit environment.

Performance

The Fund’s relative exposure to U.S. Treasury (2.125%, 2054/02/15) was positive for performance as inflation-linked bonds outperformed. Relative exposure to Province of Quebec (4.4%, 2055/12/01) was negative for performance as provinces forecasted larger deficits.

The Fund’s duration (sensitivity to interest rates) was positive for performance as bond yields fell. The Fund’s yield curve positioning, with its higher allocation to longer-term bonds, was negative for performance. Short-term yields fell more than long-term yields over the quarter. Overweight exposure to corporate bonds was also negative for performance.

Portfolio activity

The sub-advisor added Government of Canada (3.25%, 2035/06/01) to adjust the Fund’s duration. The sub-advisor increased Toronto-Dominion Bank (7.283%, 2082/10/31) based on the value of Canadian dollar limited recourse capital notes.

Province of Alberta (2.95%, 2052/06/01) was sold in favour of a higher-yielding holding from the same issuer. Sunac China Holdings Ltd. was reduced as the company faced financial challenges, which led to its second restructuring.

Mackenzie Investments

Contact information

Toll free: 1-844-730-1633

Data not available based on date of inception

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